Australia/New Zealand Loan House: Westpac
Up for the challenge
Westpac stood out among rivals for underwriting and distributing some the most challenging and complex event-driven financings in Australasia.
Its landmark deals included a US$3bn financing for software firm WiseTech Global’s acquisition of New York-listed cloud computing firm E2open and a A$1.8bn (US$1.18bn) borrowing backing British sports entertainment firm DAZN Group’s takeover of pay television business Foxtel Group.
Westpac was an agent and one of nine underwriters on WiseTech’s acquisition financing, which closed to a strong response in September despite controversy surrounding co-founder Richard White over allegations of personal misconduct and conflicts of interest. Sixteen of the 17 banks joining in syndication were new lenders.
The Australian bank was also one of nine underwriters on DAZN’s acquisition financing, the pricing for which was flexed in April in the aftermath of US president Donald Trump’s tariff announcement. The deal closed in June with more than a dozen other banks and nonbank lenders joining.
“We pride ourselves on being a trusted adviser to both existing and new clients, delivering on considered financing solutions,” said Mike Williams, head of syndications and sustainable finance. “Despite macro-economic disruptions, which created a momentary pause in clients’ confidence in the loan markets, Westpac continued to provide innovative solutions for our customers.”
Despite intense competition, Westpac clinched eight sole mandates, including underwrites on a A$250.8m loan backing Five V Capital’s acquisition of hydraulic engineering company Questas Group and a A$226m-equivalent refinancing and dividend recapitalisation of Platinum Equity-backed Winc Australia and OfficeMax New Zealand. The bank solely led a A$1.4bn loan for Melbourne Airport as well as a A$300m financing for diagnostics service provider Healius.
Leveraged finance involving financial sponsors was another strong spot. The bank underwrote – with three other banks – an A$805m loan that backed Pacific Equity Partners’ leveraged buyout of fleet management and leasing company SG Fleet, attracting 11 lenders in syndication.
A A$1.5bn loan backing the reverse takeover of Sigma Healthcare by Chemist Warehouse Group also featured Westpac among the leads.
Westpac acted as one of two MLABs for power producer AGL Energy’s A$1.52bn borrowing with green tranches and was one of eight MLABs and a sustainability coordinator for smart metering business Bluecurrent’s NZ$2.5bn-equivalent (US$1.43bn) green loan.
Westpac underwrote a NZ$3.4bn (US$2.07bn) loan for Watercare Services with two other banks, marking New Zealand’s largest corporate debt financing.
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